Hiscox broadens US higher education coverage
Hiscox has expanded the protections available in its suite of insurance coverages for higher education institutions in the US.
The insurer said it had done so in response to colleges and universities facing a growing array of risks, and because courts have recently found more institutions across the US liable for violations under the Clery Act, Title IX and other laws and regulations.
Hiscox coverage protects colleges, universities and their employees from the specific risks faced by higher education institutions, including the failure to educate, tenure/promotion decisions and the exposure of private data.
The Clery Act is one area where higher education institutions are increasingly being cited for neglecting their responsibility to inform students about acts of harassment, campus crime and other potential dangers to their well-being. Enforcement of this act has increased exponentially in recent years with fines of $35,000 for each violation.
In 2013, the US Department of Education issued $1,455,000 in fines for Clery Act violations – nearly equal to the $1,650,000 issued in the prior 22 years combined. Hiscox's Higher Education Portfolio covers costs associated with both Clery Act investigations and violation claims.
“The exposures of higher education institutions continue to increase, and our coverage has adapted to cover both traditional and new perils," said Bertrand Spunberg, senior vice president of executive risk for Hiscox USA. “Hiscox provides the specific protections colleges and universities need for exposures related to their students and staff whether they are on campus, online or studying abroad.”